World Business News Headlines for June 21, 2010

World stock markets soar after Chinese yuan move (AFP)

AFP - Global equities surged on Monday when investors welcomed a promise by China to relax constraints on the yuan, ahead of this weekend's G20 summit of world leaders in Canada.

Source: Yahoo! News: Stock Markets News | 21 Jun 2010 | 4:10 am

BP 'was told of fault on oil rig'

A Deepwater Horizon rig worker says he identified a leak in its equipment weeks before the blast that caused the Gulf oil spill.
Source: BBC News | Business | World Edition | 21 Jun 2010 | 4:09 am

Russia cuts gas supply to Belarus

Russian gas monopoly Gazprom begins to cut supplies to Belarus over its debt after President Dmitry Medvedev orders the cuts.
Source: BBC News | Business | World Edition | 21 Jun 2010 | 4:09 am

“Toy Story 3″ Numbers Are Better Than They Look

The “Toy Story 3″ numbers are better than they look. Initial estimates are that the Pixar movie, distributed by Walt Disney (NYSE: DIS), brought in $109 million in box office receipts. That does not include money that came in from international release which some guesses put as high as another $50 million. “Toy Story” only [...]

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Source: 24/7 Wall St. | 21 Jun 2010 | 4:04 am

Review: BlackBerry Enterprise Service Express

BlackBerry's Enterprise Service Express is a cost-effective way of enjoying the best levels of BlackBerry service
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jun 2010 | 4:04 am

Yuan gains but China warns it won't fix economy (AP)

AP - China followed through Monday on its pledge to allow greater flexibility in exchange rates, but said an appreciation in its currency alone could not rebalance world growth as it urged world leaders to carry out more fundamental reforms.

Source: Yahoo! News: Business News | 21 Jun 2010 | 4:03 am

Best Western(R) Hotels: Stay Twice This Summer, Earn a Free Night Voucher

Source: RSS feed - channel BNewsBusiness | 21 Jun 2010 | 4:03 am

Restructuring World: Major Spin-Offs From Major Companies (AIG, PUK, AMR, BAC, BCS, BP, GE, GENZ, HBC, LMT, MDR, MOT, STR, SUN, VZ, FTR, VSH)

Restructuring never ends in many large corporations. After a week’s worth of reading through dozens and dozens of corporate deals in the pipeline and analyzing others which could be close, it seems that many of America’s (and ex-US) largest companies are about to go through major changes because of asset sales, spin-offs, and unit dispositions. [...]

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Source: 24/7 Wall St. | 21 Jun 2010 | 4:02 am

For 8th Straight Year, Verizon Wireless Recognized as One of the Best for I.T. Professionals

Source: RSS feed - channel BNewsBusiness | 21 Jun 2010 | 4:00 am

Winemaster Richard Arrowood Announces Decision To Leave Arrowood Vineyards & Winery

Source: RSS feed - channel BNewsBusiness | 21 Jun 2010 | 4:00 am

YoCream International Announces Record Second Quarter Results With Sales Up Over 11%

Source: RSS feed - channel BNewsBusiness | 21 Jun 2010 | 4:00 am

Akzo Nobel sells starches arm for $1.3 billion (AP)

AP - Dutch paintmaker Akzo Nobel NV said Monday it has agreed to sell its starches arm to U.S.-based Corn Products International for around $1.3 billion.
Source: Yahoo! News: Business News | 21 Jun 2010 | 3:59 am

Yuan rise spurs Asia rally, Telstra lifts Sydney

Asian stocks rose Monday after China decided over the weekend to allow greater flexibility in the yuan's exchange rate.

Source: MarketWatch.com - Top Stories | 21 Jun 2010 | 3:59 am

Oil jumps above $78 as China lifts currency peg (AP)

AP - Oil prices surged high above $78 a barrel Monday as China's move to end its two-year peg to the dollar boosted investor confidence in the global recovery and oil demand.

Source: Yahoo! News: Business News | 21 Jun 2010 | 3:54 am

Gulf states eye China bank float

Qatar and Kuwait are reportedly lining up to invest $3.6bn in the upcoming flotation of the Agricultural Bank of China.
Source: BBC News | Business | World Edition | 21 Jun 2010 | 3:54 am

U.K. set for $40 bln of tax hikes, spending cuts

The U.K.’s new Chancellor George Osborne will Tuesday lay out plans for billions of pounds of spending cuts and tax increases as he attempts to tread a fine line between narrowing the deficit, while avoiding derailing the recovery.

Source: MarketWatch.com - Top Stories | 21 Jun 2010 | 3:53 am

Ex-ICI food firm sold for $1.3bn

A US food innovation firm that used to be part of chemicals giant ICI is sold in a $1.3bn deal.
Source: BBC News | Business | World Edition | 21 Jun 2010 | 3:51 am

By the numbers: Oil leak wouldn't fill Superdome (AP)

AP - Overwhelmed and saddened by the gargantuan size of the Gulf oil spill?

Source: Yahoo! News: Business News | 21 Jun 2010 | 3:50 am

BP Raises Estimates Of Spill To As High As 100,000 A Day

The US government cannot count to ten using both hands. Neither can most scientists is would seem. BP plc (NYSE: BP) has the same problem. It released documents yesterday that show the flow of oil from the Deepwater Horizon wreck could be as high as 100,000 barrels a day. The figure is BP’s worst case, [...]

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Source: 24/7 Wall St. | 21 Jun 2010 | 3:45 am

Africa's asset?

Defence spending in the continent is rising
Source: BBC News | Business | World Edition | 21 Jun 2010 | 3:44 am

Emerging Markets Report: Currency move sparks debate on yuan's speed limit

Although the People's Bank of China's statement on loosening the yuan's de-facto dollar peg implies a gradual approach, some analysts say China might opt for a more aggressive move than anticipated.

Source: MarketWatch.com - Top Stories | 21 Jun 2010 | 3:43 am

Gold at new record high after Saudi reserves double

New estimates for the kingdom, the world’s fourth-largest holder of foreign exchange, point to the revival of bullion as part of emerging economies’ official reserves
Source: Financial Times - US homepage | 21 Jun 2010 | 3:39 am

Barclays bosses to take stand in Lehman row

LONDON/NEW YORK (Reuters) - Barclays Plc's top two executives will this week tell a New York court the British bank did not get an unfair windfall from a deal for parts of Lehman Brothers in a case that shows the need for banks to draw up "living wills."

Source: Reuters: Business News | 21 Jun 2010 | 3:38 am

China unshackles yuan ahead of G20

SHANGHAI (Reuters) - China's yuan surged on Monday the most since its revaluation in 2005, sending a clear signal ahead of this weekend's G20 summit that Beijing is sticking to its word of allowing greater currency flexibility.

Source: Reuters: Business News | 21 Jun 2010 | 3:37 am

Budget to seek council tax freeze

The government will press ahead with measures to encourage council tax freezes in England next year, the BBC understands.
Source: BBC News | Business | World Edition | 21 Jun 2010 | 3:34 am

Indications: U.S. stock futures, yuan, Chinese airlines rally

U.S. stock futures, Chinese airlines and natural resource companies led a global advance in equities and commodities markets Monday after China said it would lift the lid on its tightly-controlled currency, spurring expectations for growth in the world’s third largest economy.

Source: MarketWatch.com - Top Stories | 21 Jun 2010 | 3:33 am

Kremlin reduces gas to Belarus over payment dispute

Russia reduced natural gas supplies to Belarus on Monday after Minsk failed to settle a debt, brandishing again the country's energy clout and raising the spectre of supply disruptions to...
Source: RSS feed - channel BNewsBusiness | 21 Jun 2010 | 3:30 am

Mercy Housing Renews Strategic Search Engine Marketing Program with 90octane

Source: RSS feed - channel BNewsBusiness | 21 Jun 2010 | 3:30 am

Uwe Rohrhoff New Chief Executive Officer of Gerresheimer AG

Source: RSS feed - channel BNewsBusiness | 21 Jun 2010 | 3:28 am

BP chief looks to calm Russian fears

Tony Hayward, BP’s chief executive, is planning to travel to Russia to reassure Dmitry Medvedev, its president, that the UK oil group is not on the brink of collapse after its spill in the Gulf of Mexico
Source: Financial Times - US homepage | 21 Jun 2010 | 3:20 am

Barclays bosses to take stand in Lehman row

LONDON/NEW YORK (Reuters) - Barclays Plc's top two executives will this week tell a New York court the British bank did not get an unfair windfall from a deal for parts of Lehman Brothers...
Source: RSS feed - channel BNewsBusiness | 21 Jun 2010 | 3:17 am

Teams expected back at W.Va. mine Monday

Inspection teams are expected to continue searching the West Virginia coal mine where 29 men died in the industry's worst U.S. disaster in 40 years. Owner Massey Energy says the teams...
Source: RSS feed - channel BNewsBusiness | 21 Jun 2010 | 3:16 am

BP says $2 billion spent on oil spill disaster

BP has spent about two billion dollars (1.6 billion euros) in its response to the massive oil spill in the Gulf of Mexico, the company announced on Monday, sending its share price sliding...
Source: RSS feed - channel BNewsBusiness | 21 Jun 2010 | 3:16 am

The new global opportunity

Unless you spend all your time looking at GDP figures, the $58 trillion global economy is almost too big to fathom. In a famous 1995 article in Prospect magazine, the British writer Nico Colchester attempted to make this immense figure more manageable by imagining the world economy as 26 Italys. Italy, he thought, was a convenient unit of account (back then its economy was worth roughly $1 trillion). Besides, all of us sort of know what Italy looks like and makes. As an economy you can picture it.
Source: Business and financial news - CNNMoney.com | 21 Jun 2010 | 3:15 am

As Gold Passes $1,265, Where Is The Top? The $140 Crude Lesson

It is easy to forget that, unlike money, there is a limited supply of gold. Government printing presses have been hard at work since the beginning of the recession. The mining of gold may have picked up a bit, but not enough to offset the metal’s run from $900 a year ago to $1,265, a [...]

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Source: 24/7 Wall St. | 21 Jun 2010 | 3:15 am

World stocks up on China currency announcement (AP)

AP - World stock markets rallied Monday on China's decision to allow its currency to appreciate against the dollar, a move that will allow it to keep interest rates low and will help rebalance growth in the world economy.

Source: Yahoo! News: Stock Markets News | 21 Jun 2010 | 3:12 am

London Markets: Mineral extractors lead gains for British shares

British shares jumped on Monday, with miners firmly in the lead, after China said over the weekend that it will allow its currency more freedom to move against the U.S. dollar, which should spur its economic growth and increase its demand for commodities.

Source: MarketWatch.com - Top Stories | 21 Jun 2010 | 3:10 am

Stocks set to surge

U.S. stock futures and world markets soared Monday after China signaled it would let its currency trade more freely.
Source: Business and financial news - CNNMoney.com | 21 Jun 2010 | 3:08 am

Nuclear powers

Row brews over who can sell what to whom
Source: BBC News | Business | World Edition | 21 Jun 2010 | 3:00 am

Is the Fed out of bullets?

Economists are more nervous about the chances of another recession. And one of biggest fears is that the Federal Reserve may have run out of bullets to fight another downturn.
Source: Business and financial news - CNNMoney.com | 21 Jun 2010 | 2:59 am

Want more jobs? Fix the broken patent system

After decades of inaction, lawmakers are finally closing in on a sweeping overhaul of America's antiquated, underfunded and extremely broken patent process. The popular move could help spur much-needed innovation and job creation -- but first, it has to get through a Senate logjam.
Source: Business and financial news - CNNMoney.com | 21 Jun 2010 | 2:59 am

A Wide Racial Divide For Foreclosures

The percentage of unemployment among black workers is 16.5%. Among Hispanics it is 12.4%, according to the Bureau of Labor Statistics. So, it is not terribly surprising that mortgage defaults among the two groups are also higher than the national average. The problem, however, may go beyond employment. According to the Center for Responsible Lending, [...]

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Source: 24/7 Wall St. | 21 Jun 2010 | 2:56 am

Deal to create undersea oil giant

Norway's Acergy announces an acquisition that will create a major new oil and gas engineering firm.
Source: BBC News | Business | World Edition | 21 Jun 2010 | 2:48 am

BASF reportedly close to deal to acquire Cognis

German chemicals giant BASF is reportedly closing in on a deal to acquire Cognis GmbH for at least 3.3 billion euros ($4.1 billion) in a big bet that demand for consumer goods continues to recover.

Source: MarketWatch.com - Top Stories | 21 Jun 2010 | 2:44 am

Landlords warned over tax returns

Buy-to-let landlords have been warned not to disguise their profits from the taxman after selling their properties.
Source: BBC News | Business | World Edition | 21 Jun 2010 | 2:41 am

Stretching the market rally

A two-week advance looks to continue this week, as investors consider the latest on the global economy -- but the early summer correction may not be over.
Source: Business and financial news - CNNMoney.com | 21 Jun 2010 | 2:40 am

Russia cuts off gas supply to Belarus over unpaid bill

Russia reduced natural gas supplies to Belarus on Monday after Minsk failed to settle arrears, brandishing again the country's energy clout and raising the spectre of supply disruption to Europe.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jun 2010 | 2:38 am

24/7 Wall St.’s Corporate Power Rankings: Week 23

The 24/7 Wall Street Corporate Power Rankings of the 32 most important companies in America are determined by earnings, analyst rankings, important corporate news, trends in each firm’s industry, product introductions, management strength and change, and credible rumors. It is, in effect, a new version of the DJIA. The Corporate Power Rankings are released at [...]

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Source: 24/7 Wall St. | 21 Jun 2010 | 2:34 am

Metals Stocks: Gold futures rally regains momentum

Gold futures climb by as much as $6 an ounce on Globex by Monday afternoon in Asia, regaining momentum after briefly posting modest declines earlier in the electronic trading session.

Source: MarketWatch.com - Top Stories | 21 Jun 2010 | 2:20 am

Corn Products buys AkzoNobel unit for $1.3 billion

AMSTERDAM (Reuters) - U.S.-based Corn Products International will buy the National Starch business of Dutch paints firm AkzoNobel for $1.3 billion in cash, completing the Dutch firm's delayed sale of non-core businesses.

Source: Reuters: Business News | 21 Jun 2010 | 2:15 am

Europe Markets: Europe on track for ninth gain after China move

European shares climbed on Monday, the ninth day of gains for the region, with miners taking the lead after China announced it intends to move toward greater currency flexibility.

Source: MarketWatch.com - Top Stories | 21 Jun 2010 | 2:14 am

NZ dollar climbs above US71c after falling

The New Zealand dollar fell away from and then returned to above the US71c level on a day in which Chinese policy toward the yuan was the focus of investors.By 5pm the NZ dollar was at US71.06c from US71.01c at 8am and US70.39c...
Source: nzherald.co.nz - Business | 21 Jun 2010 | 2:11 am

Homes ahoy

Can a boat beat the rising house price tide?
Source: BBC News | Business | World Edition | 21 Jun 2010 | 2:08 am

UK to dodge Greek fate with tough budget: Osborne

LONDON (Reuters) - The biggest threat to Britain's economy is its huge budget deficit, and an emergency budget on Tuesday will save the country from the fate of debt-stricken Greece, British finance minister George Osborne said on Sunday.

Source: Reuters: Business News | 21 Jun 2010 | 2:03 am

Media Digest 6/21/2010 Reuters, WSJ, NYTimes, FT, Bloomberg

Reuters: The yuan rose after China’s flexibility announcement. Reuters: The amount of the Gulf spill could be up to 100,000 barrels a day. Reuters: The government has no easy way out if the recovery falters. Reuters: The UK said it could dodge the fate of Greece with an austerity budget.Reuters: The announcement on the yuan [...]

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Source: 24/7 Wall St. | 21 Jun 2010 | 2:02 am

BP says oil spill costs reach $2 billion (AP)

AP - BP PLC said Monday that its partners in the leaking Gulf of Mexico oil well must share responsibility for the costs in dealing with the disaster, on which BP said it has now spent $2 billion.

Source: Yahoo! News: Business News | 21 Jun 2010 | 2:01 am

China loosens currency chokehold

China took steps Saturday to let its currency trade more freely, but investors and U.S. policy makers should not expect a large increase in its currency, the yuan.
Source: Business and financial news - CNNMoney.com | 21 Jun 2010 | 2:00 am

FTSE 100 soars at open (AFP)

AFP - London's main stock market soared in opening trade on Monday, boosted by gains in Asia after China decided to increase the yuan's flexibility.

Source: Yahoo! News: Stock Markets News | 21 Jun 2010 | 1:59 am

Budget 2010: Comic genius warns against cuts for Britain's start-ups

Kevin Mann credits his company's success to vital start-up money from public funds - yet such schemes face being axed.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jun 2010 | 1:46 am

Telstra news helps lift New Zealand sharemarket

The New Zealand sharemarket started the week strongly, with Telstra rising a hefty 9.21 per cent after it struck a deal to participate in Australia's broadband network plans.Telecom rose 5c to 194, with brokers citing valuation...
Source: nzherald.co.nz - Business | 21 Jun 2010 | 1:46 am

Russia cuts gas supplies to Belarus over debt (AP)

AP - Russia on Monday cut natural gas supplies to ex-Soviet neighbor Belarus over what it claims is a debt of nearly $200 million for gas already provided.

Source: Yahoo! News: Business News | 21 Jun 2010 | 1:43 am

Budget 2010: George Osborne to offer start-ups tax breaks - but not everywhere in the UK

The Chancellor will hand new businesses a £900m boost in his Budget by giving them a one year national insurance contributions holiday on the first 10 staff they employ.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jun 2010 | 1:32 am

Shed Media confirms talks with Warner Bros

Shed Media, the British television production company that created Footballers' Wives and Supernanny, confirmed it was in talks with Warner Brothers Entertainment.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jun 2010 | 1:31 am

BHP and Rio agree higher Western Australia iron ore royalty

SYDNEY (Reuters) - Iron ore miners Rio Tinto and BHP Billiton have agreed to pay higher royalty rates to the Western Australian state government in return for approval for their $116 billion joint venture.

Source: Reuters: Business News | 21 Jun 2010 | 1:30 am

Liberty Media to split off Capital and Starz units

NEW YORK (Reuters) - Liberty Media Corp, the media conglomerate controlled by mogul John Malone, said on Sunday it plans to spin-off two of its units -- investment arm Liberty Capital and pay TV and Hollywood studio unit Liberty Starz .

Source: Reuters: Business News | 21 Jun 2010 | 1:25 am

JPMorgan eyes Brazilian hedge fund: report

LONDON (Reuters) - JPMorgan Chase is in talks to buy a large Brazilian asset management company, the Financial Times reported in its Monday edition.

Source: Reuters: Business News | 21 Jun 2010 | 1:24 am

Stock futures signal gains on China yuan move (Reuters)

Reuters - U.S. stock index futures pointed to a higher open on Wall Street on Monday, rising alongside global stocks after China's vow to allow a flexible yuan exchange rate boosted investors' appetite for risky assets.

Source: Yahoo! News: Stock Markets News | 21 Jun 2010 | 1:23 am

Stock futures signal gains on China yuan move

(Reuters) - U.S. stock index futures pointed to a higher open on Wall Street on Monday, rising alongside global stocks after China's vow to allow a flexible yuan exchange rate boosted investors' appetite for risky assets.

Source: Reuters: Business News | 21 Jun 2010 | 1:23 am

Business Bullet: China, Gold, BP, UK banks

The latest news on: China, Gold, BP, UK banks
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jun 2010 | 1:04 am

Traveler surveys agree on at least one thing

Also: Fee bundles are reappearing, and customer complaints go viral. Depending on what surveys or rankings you...
Source: RSS feed - channel BNPaperBusiness | 21 Jun 2010 | 1:00 am

Wary investors will focus on corporate profits in coming weeks

After a May drop in home and apartment construction, a plunge in retail sales and a decline in mortgage applications for new homes, earnings reports will be a key indicator for the market. ...
Source: RSS feed - channel BNPaperBusiness | 21 Jun 2010 | 1:00 am

Starting import venture on the right path

The owner of Parker Lighting in Inglewood has started a business selling energy-efficient bulbs from China. But bringing them over efficiently and profitably is vital. An expert offers advice.

It's not easy for a small lighting company almost a half-century old to suddenly jump into the potentially treacherous waters of international trade.

Source: L.A. Times - Business | 21 Jun 2010 | 1:00 am

Wary investors will focus on corporate profits in coming weeks

After a May drop in home and apartment construction, a plunge in retail sales and a decline in mortgage applications for new homes, earnings reports will be a key indicator for the market.

Will corporate profits save the stock rally — or kill it?

Source: L.A. Times - Business | 21 Jun 2010 | 1:00 am

Starting import venture on the right path

The owner of Parker Lighting in Inglewood has started a business selling energy-efficient bulbs from China. But bringing them over efficiently and profitably is vital. An expert offers advice. ...
Source: RSS feed - channel BNPaperBusiness | 21 Jun 2010 | 1:00 am

Where a biotech start-up should look for investors

Dear Karen: I'm looking for venture capital funding for a biotech firm. Any suggestions?

Source: L.A. Times - Business | 21 Jun 2010 | 1:00 am

China's housing boom spells trouble for boyfriends

Many women won't marry a man who doesn't own a home. This recent shift, along with soaring real estate prices, has created a woefully frustrated class of bachelors. ...
Source: RSS feed - channel BNPaperBusiness | 21 Jun 2010 | 1:00 am

Sam Nazarian to take over, finish Hollywood hotel

The man best known for trendy nightclubs is expected to announce that he will finish and launch the now-incomplete project at Hollywood and Vine that was to be known as Palihouse Hollywood.

Los Angeles entertainment impresario Sam Nazarian is expected to announce Monday that he has agreed to take over a stalled hotel development at the famous Hollywood and Vine intersection and open this summer or fall.

Source: L.A. Times - Business | 21 Jun 2010 | 1:00 am

The 9 cars bought mostly by women

VW's Beetle is the auto most likely to be purchased by a woman, a study of U.S. vehicle registrations shows.

Some small cars and crossovers, typically from foreign automakers, are more likely to be bought by women than men.

Source: L.A. Times - Business | 21 Jun 2010 | 1:00 am

Traveler surveys agree on at least one thing

Also: Fee bundles are reappearing, and customer complaints go viral.

Depending on what surveys or rankings you read, Delta Air Lines either is the nation's best domestic carrier or employs the rudest flight attendants and serves the worst food in the industry.

Source: L.A. Times - Business | 21 Jun 2010 | 1:00 am

Sam Nazarian to take over, finish Hollywood hotel

Where a biotech start-up should look for investors

Dear Karen: I'm looking for venture capital funding for a biotech firm. Any suggestions?
Source: RSS feed - channel BNPaperBusiness | 21 Jun 2010 | 1:00 am

China's housing boom spells trouble for boyfriends

Many women won't marry a man who doesn't own a home. This recent shift, along with soaring real estate prices, has created a woefully frustrated class of bachelors.

Mike Zhang considered himself serious boyfriend material. He knew what to order at an Italian restaurant. He could mix a tasty margarita. And he always volunteered to carry his girlfriend's handbag.

Source: L.A. Times - Business | 21 Jun 2010 | 1:00 am

BP oil spill costs hit $2 billion

LONDON (Reuters) - Oil giant BP said on Monday the cost of its response to the Gulf of Mexico oil spill had hit $2 billion and that it had paid out $105 million in damages to those affected by the disaster.

Source: Reuters: Business News | 21 Jun 2010 | 12:59 am

China yuan rise accelerates move to risk (Reuters)

Reuters - Stocks and commodities jumped on Monday and U.S. Treasuries fell after China let the yuan rise to the highest since July 2005, with more currency flexibility easing tensions with the West and encouraging investors to snap up riskier assets.

Source: Yahoo! News: Stock Markets News | 21 Jun 2010 | 12:54 am

GW Pharmaceuticals launches world's first prescription cannabis drug in Britain

A ground-breaking cannabis-based drug for treating symptoms of multiple sclerosis has been approved in Britain.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jun 2010 | 12:47 am

What is a public sector pension worth?

How much would you need to save to get a civil service-standard pension?
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jun 2010 | 12:36 am

Asian stock markets rise after China ends dollar peg

Asian stock markets rose on Monday as investors took heart from China's announcement over the weekend that it was ending its currency's two-year peg to the dollar, though there was no immediate change in the yuan's exchange rate.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 21 Jun 2010 | 12:20 am

Landry's CEO gets key shareholder vote for buyout: report

(Reuters) - Landry's Restaurants Inc Chief Executive Tilman Fertitta's $1.4 billion bid for the seafood restaurant operator received the support of a crucial shareholder on Sunday, the Wall Street Journal said, citing a person familiar with the matter.

Source: Reuters: Business News | 21 Jun 2010 | 12:07 am

Asia Markets: China's yuan move has winners and losers

Asian equities markets rally in the wake of China’s weekend announcement that it will allow its currency to gradually move against the U.S. dollar, with some sectors seen more likely than others to benefit from the move.

Source: MarketWatch.com - Top Stories | 20 Jun 2010 | 10:49 pm

Pershing Square backs Landry’s Restaurants buyout

Pershing Square, the US activist investment fund, has agreed to support an increased offer to take private Landry’s Restaurants, the Houston-based restaurant chain, from the founder of the business
Source: Financial Times - US homepage | 20 Jun 2010 | 10:37 pm

Qatar to invest up to $2.8 billion in China AgBank

Qatar’s sovereign wealth fund reportedly agrees to invest as much as $2.8 billion in Agricultural Bank of China’s upcoming initial public offering, while Kuwait's fund could put in $2 billion.

Source: MarketWatch.com - Top Stories | 20 Jun 2010 | 10:15 pm

Kiwibank raises interest rates

Kiwibank has lifted interest rates by 0.25 per cent, following similar rises announced in recent days by most of our other major banks.The hikes come following the Reserve Bank's increase in the official cash rate by 0.25 per...
Source: nzherald.co.nz - Business | 20 Jun 2010 | 10:10 pm

Renminbi unchanged despite policy shift

China leaves its exchange rate with the US dollar unchanged in spite of pledging at the weekend to introduce a more ‘flexible’ policy in what had appeared to be decision to break the two-year peg to the dollar
Source: Financial Times - US homepage | 20 Jun 2010 | 9:32 pm

Business confidence falls

Auckland businesses are upbeat about the general business environment, but confidence in their own situation continues to fall.Just under half (46 per cent) of the more than 750 businesses surveyed believe the general business...
Source: nzherald.co.nz - Business | 20 Jun 2010 | 9:26 pm

South Canty Finance changes prospectus after Hubbard fraud probe

South Canterbury Finance, the finance company owned by a company associated with Allan Hubbard, has stopped accepting deposits temporarily while it amends its investment statement and prospectus.The Government moved yesterday...
Source: nzherald.co.nz - Business | 20 Jun 2010 | 8:30 pm

NZ Dollar Outlook: Kiwi may reach 72 USc as GDP looms, yuan reset

The New Zealand dollar will likely move toward 72 US cents this week, with local data poised to show the economy is continuing to recover from its worst recession in 18 years, while Chinese officials indicated the yuan will resume...
Source: nzherald.co.nz - Business | 20 Jun 2010 | 8:00 pm

Mauritius investor pushes for 40pc of Sealegs

Amphibious boat-maker Sealegs will use a $6.2 million injection of new capital from Mauritius-based Avenport Investment to invest in building a global brand, chief executive David McKee Wright told BusinessWire today.Sealegs...
Source: nzherald.co.nz - Business | 20 Jun 2010 | 7:30 pm

Marlborough Lines reaches 10.1 per cent of Horizon Energy

Marlborough Lines has acquired 10.1 per cent of Horizon Energy Distribution Ltd, to the annoyance of 77.3 per cent owner Eastern Bay Energy Trust.The stake was acquired via a stand in the market by First NZ Capital at $4.06 a...
Source: nzherald.co.nz - Business | 20 Jun 2010 | 7:00 pm

Australian mining executives missing over Congo jungle

Australian mining magnate Ken Talbot and five other executives are among 11 people feared dead.
Source: Finance and Business. Latest breaking news, stocks and shares from the UK and world | 20 Jun 2010 | 6:43 pm

Mining execs' plane lost in Africa

YAOUNDE, Cameroon - A plane carrying the chairman, chief executive officer and top executives of an Australian mining firm disappeared into the jungle as it flew from Cameroon to Republic of Congo.The aircraft, chartered by Australian...
Source: nzherald.co.nz - Business | 20 Jun 2010 | 6:13 pm

All in a day's work: Winning the battle, but losing the war...

I've written in this blog before about when those who make (or perhaps more accurately, read) the news, become the news. Perhaps it is our fascination with those on television, or with the fourth estate, but it really is quite...
Source: nzherald.co.nz - Business | 20 Jun 2010 | 6:00 pm

Santos wins race to be Colombia president

Colombians hand Uribe ally a landslide presidential victory, convinced by his pledges to continue the campaign against Marxist guerrillas and deepen economic reforms
Source: Financial Times - US homepage | 20 Jun 2010 | 5:09 pm

Raising a child costs 22% more now than in 1960, report says

Child care and education expenses are 'the most striking change,' according to the U.S. Department of Agriculture report. ...
Source: RSS feed - channel BNPaperBusiness | 20 Jun 2010 | 4:59 pm

Raising a child costs 22% more now than in 1960, report says

Child care and education expenses are 'the most striking change,' according to the U.S. Department of Agriculture report.

Expecting children? Expect to cough up some big bucks.

Source: L.A. Times - Business | 20 Jun 2010 | 4:59 pm

JPMorgan pushes on with talks over Gávea

JPMorgan Chase is pushing ahead with talks to buy a large Brazilian hedge fund and private equity group, in spite of impending US legislation designed to limit the involvement of commercial banks in such activities
Source: Financial Times - US homepage | 20 Jun 2010 | 3:01 pm

Amazon relaunches online clothing business

Amazon, the largest online retailer, is relaunching its online clothing and shoe business with a focus on high-end style as it vies with rivals such as Yoox and Net-A-Porter in the expanding online fashion market
Source: Financial Times - US homepage | 20 Jun 2010 | 2:49 pm

'Toy Story 3' opens big, but will it be Pixar's most successful movie?

"Toy Story 3" had the biggest opening day of all time for an animated film -- but not the biggest-ever opening weekend.
Source: RSS feed - channel BNPaperBusiness | 20 Jun 2010 | 2:33 pm

Poland heads for election run-off

The presidential vote appeared set to a second round after exit polls showed that Bronislaw Komorowski, of the ruling centrist Civic Platform party, had failed to secure the majority needed for victory
Source: Financial Times - US homepage | 20 Jun 2010 | 1:51 pm

European stress tests spread debt jitters

Fears are rising over French and German banks’ exposure to weaker economies in the eurozone such as Greece, Portugal and Spain after moves to publish bank stress tests in Europe
Source: Financial Times - US homepage | 20 Jun 2010 | 1:36 pm

Economic Outlook: Focus on recovery response

In a week light on data releases, the focus of the markets is likely to be on policymakers as they grapple with how best to respond to the tentative global economic recovery. The British government...
Source: RSS feed - channel BNPaperBusiness | 20 Jun 2010 | 1:07 pm

Why the Afghan end-game is so hard to play

Barack Obama, the US president, has said that American troops will start to withdraw from Afghanistan in a year from now; eventually Nato forces will leave and at some point dialogue with the Taliban will...
Source: RSS feed - channel BNPaperBusiness | 20 Jun 2010 | 1:01 pm

Summary Box: GM's small car faces skeptical public (AP)

AP - THE CAR: General Motors' latest effort to build a small car, the Chevrolet Cruze, is coming to showrooms in September. Engineers have tried to make it perform better and quieter than competitors while keeping the price in line.
Source: Yahoo! News: Business News | 20 Jun 2010 | 12:21 pm

Nervous investors turn focus to corporate profits (AP)

AP - Will corporate profits save the stock rally — or kill it?
Source: Yahoo! News: Stock Markets News | 20 Jun 2010 | 12:05 pm

More turmoil looms in CDO market

The recent cancellation of so-called monoline insurance contracts on $16bn of collateralised debt obligations backed by subprime mortgages is raising the prospect of more turmoil for one of the most beleaguered corners of the financial markets.
Source: Financial Times - US homepage | 20 Jun 2010 | 11:50 am

New Jersey battles over tax on millionaires (Reuters)

Reuters - New Jersey politicians are due to battle on Monday over whether to slap a tax on millionaires or cut services for low-income senior citizens and the disabled.
Source: Yahoo! News: Business News | 20 Jun 2010 | 10:11 am

BP Spill Hits Florida With Force

While BP CEO Tony Hayward was attending yacht races, the first wave of oil from the Deepwater Horizn hit Florida’s Gulf shore beaches beginning a new chapter in the damage caused by the spill. The beaches are a major source of tourism and could be closed for month as crude washes up on the sand [...]

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Source: 24/7 Wall St. | 20 Jun 2010 | 9:43 am

Corrected: Yuan depegging long-term positive (Reuters)

Reuters - China's decision to end the yuan's nearly two-year peg against the dollar will boost its stock market heavyweights, as it heralds a long-term yuan appreciation based on robust productivity growth and aids an economic adjustment toward less reliance on exports.
Source: Yahoo! News: Stock Markets News | 20 Jun 2010 | 4:47 am

4 Funds With a Hefty Stake in Gold (Screens)

As the metal strikes new highs, these funds could benefit.

Source: SmartMoney.com | 20 Jun 2010 | 3:01 am

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